Spring Financial is an online consumer lending company that offers innovative financial and credit-building solutions designed to give Canadians the opportunity to build credit, save money and borrow responsibly.With many Canadians struggling with high-interest debt and limited financing options, Spring Financial strives to provide Canadians with affordable and accessible financial products that can help them achieve greater financial freedom. Among their growing suite of smart money solutions, Spring Financial offers $1,500 cash advances, personal loans up to $35,000, and a credit-building program that helps you build credit and save money.
Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.
If you’re looking for an open-ended line of credit with credit limits up to $15,000, Fora is the best choice. Fora’s line of credit lets you withdraw funds from your available credit, and repay and redraw as needed. This makes it an excellent option for those seeking flexibility and quick access to cash as needed.Moreover, interest rates start as low as 19.9% and are only charged on the amount you withdraw.
The MogoMini line of credit offers Canadian consumers a great personal loan alternative. Borrowers can access up to $5,000, spend what they need when they need it, make the automatic minimum payments, and finally control their own principal payments. This Mogo product is flexible and users can test drive their line of credit for 100 days to see if it’s the right fit. Access their easy online application via your MogoMoney dashboard and get pre-approved in 3 minutes with no impact on your credit.
easyfinancial offers personal loans from $500 – $20,000 ($15,000 - $150,000 for secured personal loans) with interest rates that are affordable and convenient. Qualifying with easyfinancial is relatively easy compared to many banks and credit unions in the country.
Fairstone is a great choice for consumers looking for loans with affordable payments that meet their needs and budget. As Canada’s leading non-bank lender of personal loans, consumers can get unsecured loans up to $25,000. Homeowners can choose a secured loan (backed by the value of their house) to borrow more money and access lower payments compared to an unsecured loan. Whether you’re looking to consolidate debt into one simple monthly payment, cover unexpected expenses or something else altogether, Fairstone is a great option.
Money Mart is a Canadian financial services provider that specializes in offering short-term financial products, including payday loans, cheque cashing, wire transfers, and installment loans. They're available both in person and online, providing borrowers with different options to apply for loans and access their borrowed funds. Their Payday Boost products are available for up to $1,500, and installment loans are available for up to $25,000. They're known for their easy-to-use services and same-day cash options, making Money Mart a great option for those who have little time to wait for much-needed funding.
Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.
If you’re short on cash, Bree offers cash advances of up to $500 with zero interest. Bree is an online financial platform that provides interest-free cash advances to help consumers avoid overdrafts and NSF fees. Their mission is to be a dependable and accessible financial source that consumers can trust when they need financial support. Moreover, you can access the money you need with Bree without having to worry about credit checks, interest charges or late fees.
Nyble helps users quickly access a line of credit of up to $250 without credit score requirements. This is a good option for anyone who wants to avoid overdrafts or needs a small amount of cash quickly. Approval is instant and funding takes up to 3 days. But if you upgrade to a paid membership for $11.99 a month, you can receive your money within 30 minutes. Nyble reports your payment history to the credit bureau monthly and approves you for large amounts as you build trust with the platform. You can also track your credit score, earn reward points for improving your score, and access other features such as credit monitoring and digital identity theft protection.
SkyCap Financial has been helping Canadian consumers take control of their financial futures since 2013. Their main goal is to provide alternative financing to all Canadians, regardless of their financial past or credit history. They provide fast and easy short-term loans ranging from $500 to $100,000 and approve applicants in as little as 24 hours. Consumers can take advantage of SkyCap Financial’s quick application and a team of experienced individuals who strive to make your experience as smooth as possible. SkyCap Financial bases all their lending decisions on three main factors, current income, credibility, and stability, so they can approve more Canadians, especially those who have been rejected in the past based on credit issues.
LendDirect is an online lender that provides personal lines of credit for Canadians looking for a more flexible financial solution. Unlike traditional loans, LendDirect offers revolving credit, allowing borrowers to access up to $15,000 on an as-needed basis. The approval process is quick, with funds available within 15 minutes via Interac e-Transfer.
LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.
GoPeer is a peer-to-peer lending platform that connects borrowers with individual investors who fund loans. Through GoPeer, you can get a personal loan for up to $35,000, with flexible repayment terms and competitive interest rates. Interest rates start at 8.99%, depending on your credit profile. GoPeer's unique peer-to-peer model allows consumers to benefit from a more personalized borrowing approach. The online application process is quick and easy, and funds can be deposited into your account in as little as 7 days.
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Do you live in Richmond and suffer from bad credit? Are you looking to gain access to the financing you need and work at improving your credit score? A bad credit loan might the solution you’ve been looking for.
For more information about loans in Richmond, check this out.
A Closer Look at Bad Credit in Richmond
When you apply for a loan in Richmond, the lender you applied with is likely to inspect two main elements; your financial health and your credit.
Your credit score, which ranges from 300-900, maybe a particular point of examination because it reflects your health and as a credit user. The closer your score is to 900, the more likely you will be to get approved at a low-interest rate since a higher score often means you’re good at making payments responsibly. That said, the opposite can occur the closer your score is to 300.
Every Richmond lender’s standards for approval are going to vary slightly, meaning some will accept a certain credit score, while others won’t. However, “bad credit” generally qualifies as a score under 600, which can happen if you have a history of defaulting on payments. It can also mean you’ve gone through a significant debt-related event, such as a consumer proposal or bankruptcy. Maybe you lost your job or have some kind of financial emergency, like a car accident Or it may just mean that you’re a brand new credit user and have very little experience.
Unfortunately, no matter what the cause, bad credit can frequently lead to a rejected application in Richmond, especially if you’re applying for a significant amount of credit like you would find with a car loan or mortgage. Even if you’re approved, your interest rate can end up being too high and cost more money than the product is actually worth.
Could library late fees be hurting your credit score? Find out here.
A Closer Look at Your Credit Score
Now, before we further discuss the idea of bad credit loans in Richmond, let’s see if we can help you improve your credit score a little bit prior to applying, which is always a good idea. In order to do that, it’s best to understand the 5 factors used to calculate your credit score.
Payment History (35%)
The most significant portion of your credit score calculation goes to your payment history, which is typically the most essential thing for any lender in Richmond. If you make a full, timely payment, your score goes up and makes you a less risky candidate, and vice versa. Obviously, every lender in Richmond, whether they deal in good or bad credit products, will be more willing to approve you with a better looking payment history.
Amount of Debt Owed (30%)
The money you owe makes up the second largest portion. Simply put, the more debt you carry, the lower your credit score will fall and more risky lenders will consider you. While the same can be said when you have a bunch of unpaid loans listed on your credit report, this effect is particularly apparent with products that have a revolving credit limit, such as your credit card. Stay below 30% of your available credit if you’re looking for the best results.
Length of Credit (15%)
It’s also good for your score if you have credit accounts that have been open for an extended period of time, especially if you’re using them responsibly.
Number of Inquiries (10%)
New credit inquiries can also cause your credit score to drop under various circumstances. As we said, when you apply for new credit in Richmond, many lenders will check your credit report. This is known as a “hard inquiry” and will negatively affect your credit score for several months. So, if you get denied at first, it’s best not to re-apply too many times within the same short period of time.
Account Diversity (10%)
Gaining credit user experience is essential and one of the best ways of accomplishing that is to use a variety of credit products. In addition, by doing this, you’ll also be increasing your credit score. While having a credit card is good, throwing a loan into the mix is even better. However, that positive effect will only last if you’re being responsible and not taking on more credit products than you can handle.
Improving Your Credit Score in Richmond
Now that you understand your credit score breakdown, let’s discuss some credit improvement techniques, some of which are simple and can be done by anyone, and others that are reserved for borrowers in worse credit situations.
Simple Techniques:
Request your credit report (free once per year from Equifax and TransUnion)
Dispute any errors, signs of identity theft or fraud that you find in your report
Spend time making full, timely payments for any active credit products
Pay down any debts you may have pending
Request a higher credit limit (if you’ve been approved for one)
Cut out unnecessary expenses that may be draining your debt payment money
Ask your non-credit providers (internet, cell phone, utilities, etc.) to report your bill payments to the credit bureaus
Apply for a secured credit card (if you don’t qualify for a regular card)
Enter credit counselling to gain further knowledge
Enter a debt consolidation program
Apply for a credit rehab savings program
Check out this infographic to learn even more about your credit score.
Getting a Bad Credit Loan in Richmond
Although credit improvement is important when applying for any credit product in Richmond, it can take a lot of time and effort. If you don’t have that kind of time and need to access credit right away, there are several loan types you can get in Richmond.
Secured Loans
While the banks and other prime lenders in Richmond have much higher standards of approval, it’s still possible to access a secured loan by offering up collateral, such as your home or vehicle. As this will lessen the risk on your lender and give them something to sell if you default, it should help you secure a larger amount of credit and a lower interest rate.
For a better understanding of secured and unsecured loans, click here.
Guarantor Loans
Another type of secured product in Richmond is a guarantor loan, it can be acquired if you have someone to cosign your application. Again, this would reduce the lender’s risk because your guarantor would be agreeing to take over your payments if you can’t afford them. Just make sure your cosigner is well aware of this before you apply, as this loan can affect their finances just as much as yours.
No Credit Check Loans
For this kind of loan, you’ll likely have to apply outside of banks, credit unions, and prime lenders in Richmond. In this case, an alternative, private, or bad credit lender would be the place to go, wherein your credit won’t be as much of an issue. Instead, your income would be more important. If you prove that you can comfortably afford the loan, approval shouldn’t be too hard to obtain. However, unless you offer security, your interest rate may well be higher, so factor that into your budget before you apply.
For an article about loans with no credit check, look here.
A Word About Loan Scams
Another very important thing to know about bad credit loans is that it’s possible you’re going to encounter scam artists posing as lenders, who are banking on your desperation for credit. These scammers can be extremely manipulative and will do things like offer you a fake bad credit loan in exchange for “loan insurance” in advance.
No legitimate lender will ever ask request your credit card number, financial information, or payment before your loan is approved and deposited. In fact, it’s illegal in Canada. Always research your lender properly and check to see they’re listed with the Better Business Bureau before you apply.
Ending Your Search
Have you been looking for the right bad credit loan in Richmond? Loans Canada can help bring your search to a close. Apply with us today and be quickly connected with bad credit loan lenders in your area.
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